Archives for July 2022

Bankruptcy is a legal procedure to assist individuals and families experiencing financial difficulties. In a bankruptcy liquidation or Chapter 7, a filers nonexempt assets are sold and their creditors’ claims are paid with the available proceeds. After proceeds from the sale of assets are exhausted, most claims will be unpaid, however any remaining debt will be discharged (erased) at the conclusion of the Chapter 7 bankruptcy process allowing filers to start anew. For those who do not qualify … [Read more...]

With adult children experiencing more difficulty obtaining a mortgage or qualifying to purchase of a vehicle, family members may decide to cosign or become the guarantor on a loan to help them get started. Creditors often require a cosigner or guarantor for first time borrowers or borrowers who have poor credit histories. The difference between the two is that the cosigner is equally responsible for the payment whereas a guarantor is liable only if the borrower fails to fulfill their … [Read more...]